Markets down, Sensex touches lowest closing of this year

Markets down, Sensex touches lowest closing of this year
PTI
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First Published: Mon, Feb 11 2008. 05 03 PM IST
Updated: Mon, Feb 11 2008. 05 03 PM IST
Closing
Mumbai: The Bombay Stock Exchange benchmark Sensex plunged by over 830 points to 16,630.91, the lowest closing this year, with most of the heavyweights tumbling on frantic selling by funds on weak trends in the global stock markets.
Brokers said besides a weak global trend, sluggish debut of Reliance Power on the bourses added to the weak sentiment. Investors were awaiting its listing eagerly with hopes that a good premium would pep up the market, they added.
The 30-stock benchmark Sensex plummeted by 833.98 points at 16,630.91, after touching the day’s low of 16,457.74 and a high of 17,427.34 points.
In a similar fashion, the National Stock Exchange index Nifty dropped by 263.35 points at 4,857.00 as almost all index-linked stocks fell sharply. It touched the day’s low of 4,803.60 and a high of 5126.40 points.
The Anil Ambani group firm Reliance Power fell to Rs355.05 from its issue price of Rs450. Reliance Power is a unit of Reliance Energy.
Finance ministers and central bankers statement, after a meeting, in Tokyo that “downside risks persist” for the global economy also contributed to today’s downfall, brokers said.
Stocks of metal, capital goods, oil and gas, realty, public sector undertaking and banking sectors suffered the maximum on Monday.
However, bucking the weak trend, IT shares led by Infosys Technologies remained firm, lifting the sectoral index higher by 4.82 points at 3,843.34.
Afternoon update #2
The Bombay Stock Exchange benchmark Sensex crashed over 1,000 points at midsession today on panic selling by funds and retail investors following a weak trend in the global market.
The BSE Sensex tumbled by 1,000.15 points to 16,464.75 at 1330 hrs.
The sluggish debut of Reliance Power on the bourses further fuelled the weak sentiment, a broker said, adding that investors were awaiting the listing eagerly with hopes that a good premium would pep up the market.
The Anil Ambani group firm Reliance Power fell to Rs389, from its issue price of Rs450. However, the unit of Reliance Energy had opened at Rs525.
The National Stock Exchange index, Nifty, dropped by 326.75 points to 4,803.60 as almost all index-linked stocks fell sharply.
Afternoon update #1
The Bombay Stock Exchange benchmark Sensex crashed at noon on Monday by nearly 800 points on panic selling by funds and retail investors sparked by weakening global stock markets.
Sluggish debut of Reliance Power on the bourses added to the weak sentiment, a broker said, adding that investors were awaiting the listing eagerly with hopes that a good premium would pep up the market.
The BSE bellwether Sensex tumbled by 794.41 points to 16,670.48 at 1200 hours.
The Anil Ambani group firm Reliance Power fell to Rs389, from its issue price of Rs450. It is a unit of Reliance Energy.
In a similar fashion, the second wide-based National Stock Exchange index, Nifty, dropped by 234.30 points at 4886.05 as almost all index-linked stocks fell sharply.
Forenoon
Reliance Power shares opened with a premium of about Rs100 on the first day of listing on the bourses, which continued to move southward on Monday with the BSE bellwether Sensex declining by 225 points during morning trade.
Anil Ambani Group’s Reliance Power commanded relatively low premium due to weakness in equity markets.
In volatile trade, the 30-share benchmark, Sensex, fell to 17,239.68 at 10.30 am, down 225.21 points from Friday’s close of 17,464.89.
The broader S&P CNX Nifty of the National Stock Exchange was also down 70.50 points to 5,049.85 at 10.30 am from previous close of 5,120.35.
Reliance Power opened at Rs547.80 and later moved in the range of Rs599.90 and 389, before being quoted at 446 in the initial thirty minutes of trade.
The market remained down due to weak global cues, traders said.
Opening
The Bombay Stock Exchange benchmark Sensex moved down by 386 points in early morning trade on heavy selling by funds triggered by week global trend.
The 30-share index, Sensex, slipped down 385.91 points to 17,078.98 points in the first five minutes of trade as most of the heavy-weight stocks plunged on brisk selling.
Similarly, the wide-based National Stock Exchange’s Nifty fell by 114.85 points to 4,975.85.
Meanwhile the mega issue of Reliance Power, which got listed on the bourses on Monday, opened at a premium of over 20%, but slipped below the issue price of Rs450 and touched a low of Rs393 in early morning trade.
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First Published: Mon, Feb 11 2008. 05 03 PM IST
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